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Yellow | Sarah Amico withdraws bid to restart Yellow

Puff Driver said:
If it were a real LTL Carrier perhaps a USDOT Number would have been in order.
Also the one of the most difficult aspects of LTL today is obtaining customers. It has become extremely complex. They did not have a single commitment for a single pound of freight.
Since there was none of either, I'll stick with my fake company theory...
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It was made clear,” sign over your WARN ACT claim for stock”. It was a SCAM/Art of the DEAL.
 
Triplex said:
From what I understand, obtaining a DOT number is a no-brainer and can be done easily online. Correct me if I'm wrong.
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Sure is. These Russian outfits do it quite often as they are put out of business for all sorts of operational violations, then get a new number, put a new name on the trucks, and away they go again, cutting rates, violating HOS, new Nike pants, and flip flops.
 
BIG R GUY said:
Sure is. These Russian outfits do it quite often as they are put out of business for all sorts of operational violations, then get a new number, put a new name on the trucks, and away they go again, cutting rates, violating HOS, new Nike pants, and flip flops.
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Say it ain't so, you're starting a rummer. :chairshot:
roomer.
 
ROLLBACK said:
It was made clear,” sign over your WARN ACT claim for stock”. It was a SCAM/Art of the DEAL.
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OR...say the rest! You could op to take the WARN Act money that was offered in her proposal. NOW, folks can wait longer, and get less, if they get anything at all. Did you READ the proposal?
 
What I would have liked to see is some effort to restart Holland’s operation. In their heyday that 1-2 day service with their model of direct loading as much as possible seemed to work, and they were always the profitable arm of YRC.
 
Kennesaw Kid said:
OR...say the rest! You could op to take the WARN Act money that was offered in her proposal. NOW, folks can wait longer, and get less, if they get anything at all. Did you READ the proposal?
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KK, I don't have any doubt that Sarah's heart was in the "good" place. What I certainly question though is the timing, which so far as I can tell was way off, as in too little too late. There were so many "if" questions: a) restructuring of the CARES Act loan; that just simply was so unlikely to happen I thought it incredulous to even attempt it. b) The scope of the re-start was never really defined clearly. c) Again, the timing. The fleet had already been consigned to Ritchie Bros. This was/is a cash cow for Ritchie. They're not going to give that up without significant compensation, which I never heard to be part of Sarah's offering. Add all these things together, and the obstacles seem insurmountable, which they were at day's end.
Add to all that the charge to the U.S. Trustee, whose responsibility is to secure the best deal for the creditors. Sarah's offering was not the best deal for the creditors in raw monetary terms. Best deal for the displaced employees? Without a doubt! Unfortunately, that's not the Trustee's mission; recovery for the creditors is.
 
dokman said:
Can you 100% say there was zero commitment?
You have all the 3pl’s top people as friends and can verify 100% there were no talks?
Remember Riggs ( Cooper) haul cars. Maybe there were commitments from suppliers to move auto parts can you verify 100% this did not happen?
You have inside knowledge of Home Depot, Lowe’s, Menards’ Walmart, Costco, Dollar General, Kroger, Napa, Rural King, Caterpillar, Deere, CIH, Cummins,Owens Corning, etc, etc, etc, that no one had made a commitment?
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Since you asked every one of the large companies you mentioned Home Depot, Costco etc.. all set up carrier contracts via RFP's. Few of those are expected in the coming months. Most are in the middle of their multi year carrier agreements. None will break their current carrier agreements to allow a new carrier to bid on business. Unless you know something I do not???
I know many at the larger 3Pl's all have stated there were no conversations on any new carriers. One mentioned there has not been a new LTL carrier since deregulation....
As you stated Riggs (Cooper) is a car hauler. Obviously not a very good one as they just survived a bankruptcy.
Thus a company with a proven record of failure, will take on at least $1.5 billion in new debt with zero business to haul, using a model that just proved to fail with more than $2 BILLION In revenue and $2 Billion in debt???
That is way too suspicious to me...
Good luck with your pension.....
 
Songremainsthesame said:
What I would have liked to see is some effort to restart Holland’s operation. In their heyday that 1-2 day service with their model of direct loading as much as possible seemed to work, and they were always the profitable arm of YRC.
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The smart thing would have been to start a small LTL carrier and if possible grow from there. Just a next day or two day operation from a few major cities.
Saia did this on a different scale but growing slowly and strategically. Taking advantage of opportunities such as the death of Yellow for large growth periods.
Problem is that model would not have been the headline grabber the teamsters needed. A new carrier with 50 jobs or so would not have diverted enough attention away from the failures...
 
Kennesaw Kid said:
OR...say the rest! You could op to take the WARN Act money that was offered in her proposal. NOW, folks can wait longer, and get less, if they get anything at all. Did you READ the proposal?
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Did she make that offer to the government ($700 million), or any other creditors? 15 years of givebacks wasn’t enough. Yes I did read the proposal, but the Warn Act is not a severance package, which was not in the proposal, it was a nice try though.

 
It seems to me that the epitaph here is the senior management of Yellow giving the Teamsters a very large middle finger. It's very sad that the sacrifices made to keep Yellow afloat for 15 years, in the end amounted to nothing. Other than keeping the pricks that constitute the senior management team employed, far longer than their performance would justify.
 
Puff Driver said:
Since you asked every one of the large companies you mentioned Home Depot, Costco etc.. all set up carrier contracts via RFP's. Few of those are expected in the coming months. Most are in the middle of their multi year carrier agreements. None will break their current carrier agreements to allow a new carrier to bid on business. Unless you know something I do not???
I know many at the larger 3Pl's all have stated there were no conversations on any new carriers. One mentioned there has not been a new LTL carrier since deregulation....
As you stated Riggs (Cooper) is a car hauler. Obviously not a very good one as they just survived a bankruptcy.
Thus a company with a proven record of failure, will take on at least $1.5 billion in new debt with zero business to haul, using a model that just proved to fail with more than $2 BILLION In revenue and $2 Billion in debt???
That is way too suspicious to me...
Good luck with your pension.....
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How could anyone know more than you???

IMG_9895.md.jpeg
 
albag said:
It seems to me that the epitaph here is the senior management of Yellow giving the Teamsters a very large middle finger. It's very sad that the sacrifices made to keep Yellow afloat for 15 years, in the end amounted to nothing. Other than keeping the pricks that constitute the senior management team employed, far longer than their performance would justify.
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Al, some clarification is in order here, I think. Over the past 15 years, there have been three CEOs, several COOs, a handful of CFOs, several YRC presidents, a handful of Holland presidents, a handful of Reddaway presidents, multiple New Penn presidents and too many senior VPs to even keep track of. The only stable and constant presence was us, the folks who actually made the wheels turn, the trucks serviced, and the freight get transferred.
I only have a modicum of respect for one of them, and that is James Welch. He attempted in vain to save a torpedoed ship. I have serious disrespect for some of the others, and I'm personally acquainted at one time or another with nearly all of them.
Some of the events that have come to light as this bankruptcy case got underway have only one definition in my opinion: disgusting! Paying Hawkins $6,000/month in "commuting expenses" because he lives in southwestern Tennessee (I am tempted to put his street address on here, but I won't) and the corporate offices were in Overland Park (it was his choice to live hundreds of miles from work); the severance payments of hundreds of thousands of dollars to departing senior VPs; the obscene amounts on bonuses to senior management, etc. etc. Disgusting!
 
Real Teamster said:
Al, some clarification is in order here, I think. Over the past 15 years, there have been three CEOs, several COOs, a handful of CFOs, several YRC presidents, a handful of Holland presidents, a handful of Reddaway presidents, multiple New Penn presidents and too many senior VPs to even keep track of. The only stable and constant presence was us, the folks who actually made the wheels turn, the trucks serviced, and the freight get transferred.
I only have a modicum of respect for one of them, and that is James Welch. He attempted in vain to save a torpedoed ship. I have serious disrespect for some of the others, and I'm personally acquainted at one time or another with nearly all of them.
Some of the events that have come to light as this bankruptcy case got underway have only one definition in my opinion: disgusting! Paying Hawkins $6,000/month in "commuting expenses" because he lives in southwestern Tennessee (I am tempted to put his street address on here, but I won't) and the corporate offices were in Overland Park (it was his choice to live hundreds of miles from work); the severance payments of hundreds of thousands of dollars to departing senior VPs; the obscene amounts on bonuses to senior management, etc. etc. Disgusting!
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Welch was undermined by an endless supply of incompetent subordinates. A friend of mine has a unique allegory that fits this well. "When the field does not get plowed, who should be blamed? The farmer or the horses?"
 
Real Teamster said:
Al, some clarification is in order here, I think. Over the past 15 years, there have been three CEOs, several COOs, a handful of CFOs, several YRC presidents, a handful of Holland presidents, a handful of Reddaway presidents, multiple New Penn presidents and too many senior VPs to even keep track of. The only stable and constant presence was us, the folks who actually made the wheels turn, the trucks serviced, and the freight get transferred.
I only have a modicum of respect for one of them, and that is James Welch. He attempted in vain to save a torpedoed ship. I have serious disrespect for some of the others, and I'm personally acquainted at one time or another with nearly all of them.
Some of the events that have come to light as this bankruptcy case got underway have only one definition in my opinion: disgusting! Paying Hawkins $6,000/month in "commuting expenses" because he lives in southwestern Tennessee (I am tempted to put his street address on here, but I won't) and the corporate offices were in Overland Park (it was his choice to live hundreds of miles from work); the severance payments of hundreds of thousands of dollars to departing senior VPs; the obscene amounts on bonuses to senior management, etc. etc. Disgusting!
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They got paid by what was in their employment contracts. Did you vote "No" on the "Advisory Vote on Executive Compensation" question in your shareholder ballot?
 
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